Day: September 20, 2024

Washington, D.C., Sept. 19, 2024 (GLOBE NEWSWIRE) —

Key Highlights

• Existing-home sales retreated 2.5% in August to a seasonally adjusted annual rate of 3.86 million. Sales slid 4.2% from one year ago.

• The median existing-home sales price rose 3.1% from August 2023 to $416,700, the 14^th consecutive month of year-over-year price increases.
• The inventory of unsold existing homes improved by 0.7% from the previous month to 1.35 million at the end of August, or the equivalent of 4.2 months’ supply at the current monthly sales pace.

Existing-home sales fell in August, according to the National Association of Realtors^®. Three out of four major U.S. regions posted sales declines while the Midwest registered no change. Year-over-year, sales slipped in three regions but remained stable in the Northeast.
Total existing-home sales{1} – completed transactions that include single-family homes, townhomes, condominiums and co-ops – descended 2.5% from July to a seasonally adjusted annual rate of 3.86 million in August. Year-over-year, sales retracted 4.2% (down from 4.03 million in August 2023).
“Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,” said NAR Chief Economist Lawrence Yun. “The home-buying process, from the initial search to getting the house keys, typically takes several months.”
Total housing inventory[2] registered at the end of August was 1.35 million units, up 0.7% from July and 22.7% from one year ago (1.1 million). Unsold inventory sits at a 4.2-month supply at the current sales pace, up from 4.1 months in July and 3.3 months in August 2023.
“The rise in inventory – and, more technically, the accompanying months’ supply – implies home buyers are in a much-improved position to find the right home and at more favorable prices,” Yun added. “However, in areas where supply remains limited, like many markets in the Northeast, sellers still appear to hold the upper hand.”
The median existing-home price[3] for all housing types in August was $416,700, up 3.1% from one year ago ($404,200). All four U.S. regions posted price increases.
REALTORS^® Confidence Index
According to the monthly REALTORS^® Confidence Index, properties typically remained on the market for 26 days in August, up from 24 days in July and 20 days in August 2023.
First-time buyers were responsible for 26% of sales in August – matching the all-time low last seen in November 2021 – and down from 29% in both July 2024 and August 2023. NAR’s 2023 Profile of Home Buyers and Sellers – released in November 2023[4] – found that the annual share of first-time buyers was 32%.
All-cash sales accounted for 26% of transactions in August, down from 27% in both July and one year ago.
Individual investors or second-home buyers, who make up many cash sales, purchased 19% of homes in August, down from 13% in July 2024 and 16% in August 2023.
Distressed sales[5] – foreclosures and short sales – represented 1% of sales in August, unchanged from last month and the previous year.
Mortgage Rates
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.2% as of September 12. That’s down from 6.35% one week ago and 7.18% one year ago.
Single-family and Condo/Co-op Sales
Single-family home sales decreased 2.8% to a seasonally adjusted annual rate of 3.48 million in August, down 3.3% from the previous year. The median existing single-family home price was $422,100 in August, up 2.9% from August 2023.
Existing condominium and co-op sales in August were identical to July at a seasonally adjusted annual rate of 380,000 units, down 11.6% from one year ago (430,000 units). The median existing condo price was $366,500 in August, up 3.5% from the prior year ($354,200).
Regional Breakdown
Existing-home sales in the Northeast in August faded 2.0% from July to an annual rate of 480,000, which was identical to August 2023. The median price in the Northeast was $503,200, up 7.7% from last year.
In the Midwest, existing-home sales were unchanged in August at an annual rate of 920,000, down 5.2% from the previous year. The median price in the Midwest was $315,400, up 3.8% from August 2023.
Existing-home sales in the South waned 3.9% from July to an annual rate of 1.73 million in August, down 6.0% from one year before. The median price in the South was $367,000, up 1.6% from one year earlier.
In the West, existing-home sales declined 2.7% in August to an annual rate of 730,000, down 1.4% from a year ago. The median price in the West was $622,500, up 2.2% from August 2023.
About the National Association of Realtors^®
The National Association of Realtors^® is America’s largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor^® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors^® and subscribes to its strict Code of Ethics.

# # #

For local information, please contact the local association of Realtors^® for data from local multiple listing services (MLS). Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.
NOTE: NAR’s Pending Home Sales Index for August is scheduled for release on September 26, and Existing-Home Sales for September will be released on October 23. Release times are 10 a.m. Eastern.

Information about NAR is available at nar.realtor. This and other news releases are posted in the newsroom at nar.realtor/newsroom. Statistical data in this release, as well as other tables and surveys, are posted in the “Research and Statistics” tab.

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[1] Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR benchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.
Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90% of total home sales, are based on a much larger data sample – about 40% of multiple listing service data each month – and typically are not subject to large prior-month revisions.
              The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.
              Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

[2] Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90% of transactions and condos were measured only on a quarterly basis).

[3] The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.
The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

[4] Survey results represent owner-occupants and differ from separately reported monthly findings from NAR’s REALTORS^® Confidence Index, which include all types of buyers. The annual study only represents primary residence purchases, and does not include investor and vacation home buyers. Results include both new and existing homes.

[5] Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s REALTORS^® Confidence Index, posted at nar.realtor.

Troy Green
National Association of Realtors®
tgreen@nar.realtor

Burlingame, Sept. 19, 2024 (GLOBE NEWSWIRE) — The global Hydrogen Combustion Engine Market Size to Grow from USD 49.23 Billion in 2024 to USD 94.68 Billion by 2031, at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period, as highlighted in a new report published by Coherent Market Insights. Environmental concerns due to rising pollution levels from conventional internal combustion engines have become one of the primary factors fueling growth in the hydrogen combustion engine market. While hydrogen is touted as a clean fuel that emits only water vapor as a byproduct during combustion, widespread adoption of associated technologies has been relatively slow until now.

Request Sample Report: https://www.coherentmarketinsights.com/insight/request-sample/7235

Market Dynamics:

The hydrogen combustion engine market is primarily driven by the increasing demand for emission-free vehicles. Hydrogen combustion engines do not emit greenhouse gases such as carbon dioxide and have the potential to reduce dependence on fossil fuels. They utilize hydrogen as fuel and generate water and heat as by-products during operation. Furthermore, governments across regions are promoting the use of hydrogen-powered vehicles through incentives and supportive policies in order to meet greenhouse gas emission reduction targets.

An additional driver for the market growth is the focus of leading automotive OEMs on the development of hydrogen combustion engine-powered vehicles. For instance, in June 2021, Toyota Motor Corporation announced plans to commercialize solid oxide fuel cell systems for commercial vehicles by 2024.

Hydrogen Combustion Engine Market Report Coverage

Report Coverage	Details
Market Revenue in 2024	$49.23 billion
Estimated Value by 2031	$94.68 billion
Growth Rate	Poised to grow at a CAGR of 9.8%
Historical Data	2019–2023
Forecast Period	2024–2031
Forecast Units	Value (USD Million/Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Engine Type, By Power Output, By Application
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Growth Drivers	• Growing environmental concerns • Rise of Renewable Energy
Restraints & Challenges	• Limited infrastructure for hydrogen storage and distribution • Safety concerns and lack of standardization in hydrogen combustion engine technology

Market Trends:

Electric hybrid hydrogen vehicles are gaining traction in the market. Such vehicles utilize both electric batteries and hydrogen fuel cells or combustion engines as the power source. They offer benefits such as zero emissions during electric-only operation and extended range capabilities through the use of hydrogen. Major automakers such as Hyundai Motor Company and Toyota Motor Corporation are launching electric hybrid hydrogen passenger vehicle models.

Countries worldwide are focusing on expanding their hydrogen refueling infrastructure in order to promote the adoption of hydrogen-powered vehicles. For example, in Europe, Germany and France have announced investments of over US$ 8.2 billion until 2030 to develop a network of at least 1,000 hydrogen refueling stations. Such initiatives are expected to fuel demand for hydrogen combustion engine vehicles during the forecast period.

Hydrogen combustion engines are increasingly being used in power generation applications as a clean alternative to diesel generators. The technology provides reliable baseload power with zero emissions. Several companies are developing hydrogen-fueled turbines and fuel cells for integrated energy solutions.

Hydrogen combustion engines are gaining traction in transportation sectors such as trucks, buses, marine vessels and railroads. Heavy-duty vehicles require high energy density fuels and hydrogen meets this need. Many countries are introducing hydrogen refueling infrastructure and offering incentives for fleet operators to adopt the technology.

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Key Market Takeaways:

The global hydrogen combustion engine market is anticipated to witness a CAGR of 9.8% during the forecast period 2024-2031, owing to growing demand for clean and reliable power solutions. On the basis of engine type, reciprocating engines segment is expected to hold a dominant position, owing to higher efficiency and power density compared to rotary engines.

On the basis of power output, less than 500 KW power output segment is expected to hold a dominant position over the forecast period, due to widespread application in power generators, trucks and backup power systems.

On the basis of application, power generation segment is expected to be the key end-user, owing to increasing installation of hydrogen power plants and fuel cells.

By region, North America is expected to hold a dominant position over the forecast period, due to supportive government policies and investments in hydrogen infrastructure by top automakers.

Key players operating in the hydrogen combustion engine market include AGCO Corporation, Ballard Power Systems Inc., BMW Groups, Caterpillar Incorporated, Cummins Inc., Ford Motor Company, General Motors Company, Honda Motor Co., Ltd., JCB, Jaguar Land Rover Automotive plc., Mazda Motor Corporation, MAN Energy Solutions, Mitsubishi Heavy Industries, Renault SA, and Toyota Corporation. These players are engaging in new product development and partnerships with hydrogen technology companies.

Recent Developments:

In April 2021, Toyota Motor Corporation, announced the development of a hydrogen combustion engine specifically designed for sports cars.

In April 2021, Alstom, strengthened its hydrogen capabilities by acquiring Helion Hydrogen Power, a subsidiary of AREVA Energies Renouvelables.

Request For Customization: https://www.coherentmarketinsights.com/insight/request-customization/7235

Detailed Segmentation:

By Engine Type:

• Reciprocating Engines
• Rotary Engines

By Power Output:

• Less than 500 kW
• 500 kW to 1 MW
• Above 1 MW

By Application:

• Power Generation
• Transportation
• Industrial
• Others (Marine, Aerospace, etc.)

By Region:

North America:

Latin America:

• Brazil
• Argentina
• Mexico
• Rest of Latin America

Europe:

• Germany
• U.K.
• Spain
• France
• Italy
• Russia
• Rest of Europe

Asia Pacific:

• China
• India
• Japan
• Australia
• South Korea
• ASEAN
• Rest of Asia Pacific

Middle East:

• GCC Countries
• Israel
• Rest of Middle East

Africa:

• South Africa
• North Africa
• Central Africa

Have a Look at Trending Research Reports on Automotive and Transportation Domain:

Automotive VVT System Market is estimated to be valued at USD 68.46 Bn in 2024 and is expected to reach USD 102.14 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031.

Hydrogen Trucks Market is estimated to be valued at US$ 4.98 Bn in 2024 and is expected to reach US$ 62.45 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 43.5% from 2024 to 2031.

Vehicle Subscription Market is estimated to be valued at USD 4.52 Bn in 2024 and is expected to reach USD 35.49 Bn by 2031, growing at a compound annual growth rate (CAGR) of 34.2% from 2024 to 2031.

Hydrogen Buses Market size is estimated to be valued at US$ 10.78 Bn in 2023 and is projected to reach US$ 165.34 Bn by 2030, exhibiting a compound annual growth rate (CAGR) of 47.7% during the forecast period (2023-2030).

Author Bio:

Ravina Pandya, PR Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.

About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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Coherent Market Insights

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SAN MATEO, Calif., Sept. 19, 2024 (GLOBE NEWSWIRE) — BrightEdge, the global leader in AI-driven organic search, content, and digital marketing automation, today released new research highlighting significant shifts in Google’s AI Overview (AIO) rollout.

“The refinement of Google’s AI Overviews represents a key moment for Google as it turns on AI for more users and prepares for mainstream deployment,” said Jim Yu, Founder and Executive Chairman at BrightEdge. “Our new research highlights how Google is adapting given the increased popularity of AI-native search engines like SearchGPT from artificial intelligence giant OpenAI and Perplexity. In the last few months, we’ve seen seismic shifts in Search; Google and other players are on the offensive.”

Top findings from the report include:

Specialized and expert sources gain prominence in Google AIO
AI Overviews are overhauling its citations, directing traffic to expert, niche sources and enhancing the depth, transparency and credibility of AI-generated results. Healthcare, education, technology and the news industries saw significant changes in what AIO sources in its results. Most notably:

• In the news and media industry, citations for USAToday.com dropped 10.3% and NYTimes.com dropped 3.1%. However, Bloomberg.com saw an increase in AIO results due to its industry-specific and specialized content around the stock market, business news and finance trends.
• Technology review websites experienced a similar decrease in AIO mentions, as TechRadar.com dropped 47.3% and TomsGuide.com dropped 16.4%. This change aligns with AIO’s preference for product and industry-specific expert sources and less on consumer-focused insights and reporting.
• Healthcare websites saw significant changes in what AIO cites for its results, steering away from consumer-focused media and blogs, and opting for authoritative expert content instead. Consumer news and general health websites like VerywellHealth.com (-77.9%) and EverydayHealth.com (-95.6%) saw declines, while MayoClinic.org (+32.4%) and the National Institutes of Health website from the U.S. Department of Health & Human Services (+83.2%) saw rapid increases in AIO inclusion.
• Additionally, niche health queries resulted in an uptick in specialty health websites, including Spine-Health.com (+266.7%) and Arthritis.org (+89.5%). Terms like “ACL tear symptoms” now benefit from comprehensive AI-generated answers, demonstrating Google’s push toward more detailed, factual content in AI Overviews.

AI Overviews push comparative content to shoppers
During a period of high inflation and high expectations from consumers, shoppers are more conscious about their purchases and want to compare and contrast products across brands and retailers.

As the holiday shopping season approaches, BrightEdge found that AIOs are refining search results to focus on comparative content, which rose by 12% in August. AIOs prioritized product carousels with engaging imagery, which rose by 172%. Unordered lists (lists of items that are related but in no specific order, such as general searches for “winter boots” or “iPhone cases”) also increased by 42%.

These adjustments make AI Overviews more user-friendly by organizing complex product features and specifications for easier decision-making.

Interestingly, eCommerce queries saw a 90% drop in AI Overviews for non-logged-in users, signaling a cautious approach by Google to introduce AI-powered results in this high-transaction sector.

Gen AI takes up more real estate on Google Search
Google is experimenting with the visual formatting for AIOs. After months of shrinking AIO screen real estate, Brightedge data shows that the panel has increased in height by 10%, growing from 647 pixels in July to 712 pixels in August.

This additional screen real estate allows for richer, more comprehensive answers and comparisons. This change is particularly evident in the eCommerce sector, where high-resolution product visuals and detailed specs and descriptions are presented more prominently. Additionally, the extra space for AIOs aligns with the rise in product carousels and unordered lists.

Google’s end goal is likely to help companies elevate their search results and provide users with a better browsing experience, where they can compare and contrast their options and easily find pertinent information for each result.

“As Google continues to refine AI Overviews, we expect to see more gradual changes that improve visibility for expert sources with detailed information and engaging visuals, whether it’s for the eCommerce sector or news and media industry,” said Albert Gouyet, VP of Operations at BrightEdge. “AIOs are likely going to become more selective with the content from which it sources its responses. Marketers have a unique opportunity to capitalize on these changes by ensuring their content is high-quality in imagery and information.”

SearchGPT Surges Ahead in Referral Traffic
BrightEdge also found explosive growth for SearchGPT, which quickly surpassed Perplexity in terms of referral traffic despite having been in a limited beta. This rapid expansion is a positive indicator for both marketers and publishers as Search and AI begin to show their full potential. Perplexity and Claude continue to grow at 14% and 26% monthly rates, respectively, though from smaller user bases.

To view the report and learn more, visit: www.brightedge.com/ai-overviews

About BrightEdge
BrightEdge, the global leader in Enterprise SEO and content performance, empowers digital marketers to transform online opportunities into tangible business results. Its all-in-one platform provides organizations with crucial market insights and intelligent AI-driven solutions. The BrightEdge platform contains the industry’s most unique and extensive data set that connects key search, social, content, and digital media data points. Its deep-learning engine, DataMind, has been powering SEO AI-driven solutions since 2015, allowing marketers to benefit from high-fidelity data-led insights and automated action. Over 57% of Fortune 100 companies and nine of the top ten international agencies trust BrightEdge to help them provide the best performance by becoming an integral part of the digital experience.

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